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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 8th Jul 15, 6:03 PM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Summer Budget 2015: Peer-to-peer savings to be included in ISAs
    • #1
    • 8th Jul 15, 6:03 PM
    MSE News: Summer Budget 2015: Peer-to-peer savings to be included in ISAs 8th Jul 15 at 6:03 PM
    Peer-to-peer savers will be able to get their 'interest' tax-free from April 2016...

    Read the full story:

    Summer Budget 2015: Peer-to-peer savings to be included in ISAs




    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.

Page 1
    • kidmugsy
    • By kidmugsy 8th Jul 15, 8:47 PM
    • 12,480 Posts
    • 8,850 Thanks
    kidmugsy
    • #2
    • 8th Jul 15, 8:47 PM
    • #2
    • 8th Jul 15, 8:47 PM
    So I have until April '16 to absorb all jamesd's advice, and then put a toe in the water.
    • AndyT678
    • By AndyT678 9th Jul 15, 8:03 AM
    • 736 Posts
    • 1,008 Thanks
    AndyT678
    • #3
    • 9th Jul 15, 8:03 AM
    • #3
    • 9th Jul 15, 8:03 AM
    Under the new proposals, which will be voted on later this year, anyone who lends money to other individuals over a peer-to-peer platform (which is effectively the same as saving the money) will be able to do this within an ISA wrapper.
    Originally posted by MSE Helen
    Am I reading that right? Are MSE really saying that lending money with all the associated default, liquidity and platform risks is THE SAME AS saving in an FSCS protected bank account?
    • masonic
    • By masonic 9th Jul 15, 5:11 PM
    • 11,635 Posts
    • 9,272 Thanks
    masonic
    • #4
    • 9th Jul 15, 5:11 PM
    • #4
    • 9th Jul 15, 5:11 PM
    The limit will be the same as a standard ISA, currently £15,240 (which will rise in line with inflation).
    Originally posted by MSE Helen
    A separate limit that is set at the same level as a standard ISA, or the same limit shared between cash, S&S and P2P?

    If it is a shared limit, then I'd be pretty hesitant to make use of it for the reasons AndyT678 alludes to. Even S&S ISAs have FSCS cover against fraud and nominee insolvency. It's completely unclear what would happen if a P2P platform offering ISAs went 'pop' - the FSCS protects the ISA status of savings/investments, but with no FSCS would the ISA wrapper simply evaporate and be lost?

    Presumably this will also discourage people from diversifying across platforms if it's only one IF ISA per tax year.
    • Jenna Appleseed
    • By Jenna Appleseed 9th Jul 15, 8:52 PM
    • 2,180 Posts
    • 7,847 Thanks
    Jenna Appleseed
    • #5
    • 9th Jul 15, 8:52 PM
    • #5
    • 9th Jul 15, 8:52 PM
    Martin Lewis appears to disagree with this article on his twitter
    https://twitter.com/MartinSLewis/status/619102513502023680
    Martin LewisVerified account
    ‏@MartinSLewis
    I agree, its not our subject. I'm going to get it deleted. I was out of the office filming yesterday.
    12:15 PM - 9 Jul 2015
    "And suddenly I find myself listening to a man I've never known before,
    Telling me about the sea..."
    • canterswest
    • By canterswest 14th Jul 15, 9:58 AM
    • 362 Posts
    • 159 Thanks
    canterswest
    • #6
    • 14th Jul 15, 9:58 AM
    • #6
    • 14th Jul 15, 9:58 AM
    Martin Lewis appears to disagree with this article on his twitter
    https://twitter.com/MartinSLewis/status/619102513502023680
    Originally posted by Jenna Appleseed
    Martin Lewis stood down and is part time chairman so no longer in control of what appears on the website.
    • Archi Bald
    • By Archi Bald 14th Jul 15, 11:19 AM
    • 9,376 Posts
    • 7,432 Thanks
    Archi Bald
    • #7
    • 14th Jul 15, 11:19 AM
    • #7
    • 14th Jul 15, 11:19 AM
    Martin Lewis stood down and is part time chairman so no longer in control of what appears on the website.
    Originally posted by canterswest
    Not effective until sometime in September http://www.moneysavingexpert.com/news/site/2015/07/martin-lewis-to-remain-at-moneysavingexpertcom-in-new-role-as-chairman?_ga=1.5257459.1792643167.1435847652
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